Orlen VC expects to close 3-4 more projects in 2023

The Orlen VC fund expects to complete 4-5 investments in total in 2023, which means closing 3-4 more projects, CEO Marek Garniewski announced.

“We are working on several projects, in total we want to close 4-5 investments this year, which means 3-4 more, in addition to the already closed investment in the German company Circonomics” – said Garniewski during the press conference.

As he emphasized, one of these projects concerns a company in Poland from the Industry 4.0 area, for which advanced due diligence work is underway.

“In addition, we have a fairly large project related to the circular economy in the UK, and this is also where the due diligence process ends. We are almost at the stage of making investment decisions in Israel, and we are also working on an energy project in Scandinavia,” added Garniewski.

The head of Orlen VC also announced that before the end of the year, work related to the consolidation of Orlen VC with PGNiG Ventures will be completed.

The Orlen Group manages refineries in Poland, the Czech Republic and Lithuania, conducts retail operations in Central Europe, mining operations in Poland, Norway, Canada and Pakistan, as well as energy production, including renewable energy sources, and natural gas distribution. As part of building a multi-energy concern, the company finalized the acquisitions of Energa, Grupa Lotos and PGNiG. Its consolidated sales revenues reached PLN 277.56 billion in 2022. The company has been listed on the Warsaw Stock Exchange since 1999; is included in the WIG20 index.

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